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International Monetary Fund

This Selected Issues and Statistical Appendix paper on Bosnia and Herzegovina provides background information for the 1999 Article IV Consultation with Bosnia and Herzegovina. The economy has been dominated by a small number of large state-owned enterprises. A central policy was settled during the preparation of the privatization framework under which the competence to privatize was assigned to the entities. Major tax policy reforms will be needed over the medium term to address the deficiencies of the present tax system, and to lay the foundation for long-term economic growth, driven mainly by private sector development.

International Monetary Fund

This paper examines economic developments and policies in Canada during 1990–95. Spurred by the robust growth in the United States and the easing of monetary conditions between 1991 and 1993, economic growth in Canada continued to strengthen during 1994. Real GDP grew by 4.5 percent in 1994 after growing by 2.2 percent in 1993 and 0.6 percent in 1992. Economic growth in 1994 was led by exports and investment in machinery and equipment. However, growth was more broadly based in 1994; private consumption strengthened, and there was a rebound in residential and nonresidential construction.

International Monetary Fund

This Selected Issues paper aims at discussing the impact of the oil windfall on Chad, with a focus on growth, poverty, competitiveness, and fiscal policy challenges posed by the oil revenue outlook. The paper discusses the reforms needed to remove structural factors that constraints the non-oil sector growth, in particular on civil and military services and the microfinance sector. The paper argues that Chad’s current growth potential is seriously limited by low levels of both human and physical capitals and by weak institutions and governance.

International Monetary Fund. External Relations Dept.

This paper analyzes the IMF’s Convention for Settlement of Investment Disputes. In March 1965, the Executive Directors of the IMF approved a Convention for submission to governments, together with a report commenting on the Convention’s principal features. The Convention establishes the International Centre for Settlement of Investment Disputes as an autonomous international institution “to provide facilities for conciliation and arbitration of investment disputes.” It will “provide facilities,” because the Centre will not itself engage in conciliation or arbitration activities.

International Monetary Fund. External Relations Dept.

A year ago, Cameroon received debt relief under two major international initiatives, clearing the way for a write-down of its external debt from about 40 percent of GDP in 2005 to 5 percent of GDP in 2006. Cameroon is now poised to make faster progress toward improving living conditions and reducing poverty. But how is this resource-rich West African country making use of the breathing space created by debt relief, and can it get onto a higher growth trajectory that would edge it closer to achieving the Millennium Development Goals (MDGs)?

International Monetary Fund. External Relations Dept.
This paper presents main highlights of the IMF Meetings in 1974. Four dominant themes for the annual discussion were clearly stated by Mr. John N. Turner, Governor of the IMF and Bank for Canada. These were inflation, reduced economic growth rates, payments disequilibria, and the crisis situation in many developing countries. There was broad agreement with the opinion of Mr. Yong Hwan Kim, Governor of the IMF and Bank for Korea, that one of the most serious problems facing the world today is inflation.
International Monetary Fund. External Relations Dept.
This paper discusses achievement and failure of science in increasing world animal production. The paper highlights that the application of modern animal production technology is virtually confined to Western Europe, to the North American continent, to Australia, New Zealand, and Japan. The new technologies are not yet used in other parts of the world. Hardly more than a handful of their farmers have any knowledge or understanding of production methods commonplace in highly developed countries.
International Monetary Fund. External Relations Dept.
For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.
ROGER S. SMITH

The financing of cities in developing countries is a complex topic, which this paper only begins to explore. The paper is divided into six sections. Sections I and II attempt to provide a basic understanding of (a) the problems faced by city governments and (b) some of the factors that determine the extent to which city authorities will, and should, be expected to solve these problems. Section I introduces the reader to aspects of the urbanization process, explains why the process is accompanied by an increasing need for government revenues and expenditure, and indicates that cities have some potential for meeting their currently unmet revenue requirements. Section II investigates the effects that the division of responsibility among governmental levels may have on the provision of urban services. This section reviews the factors influencing decentralization, examines difficulties in measuring decentralization, and considers the special status and powers granted to authorities in the largest cities in several countries.